NZ Extends Work Of Tax Rewrite Advisory Panel
Friday, July 23, 2010
New Zealand’s Revenue Minister, Peter Dunne, has commended the work of
the taxation Rewrite Advisory Panel in clarifying aspects of the tax system,
and called for public submissions on key remedial items for its consideration.
Dunne said that the Rewrite Advisory Panel, which is independent of Government
and Inland Revenue, was originally established to review submissions on any
unintended changes in the law in rewritten tax legislation and, where necessary,
to recommend appropriate legislative action.
"However I have now expanded the role of the Panel to look at addressing
matters that may require remedial amendments to any of the Inland Revenue Acts,"
he said. "Initially, I would like submissions on the areas relating to
the capital of companies being reorganised and beneficiary income of trusts,
such as the treatment of notional income.”
He added that submissions to the Panel on remedial items in these areas will
help improve the tax system by making necessary running repairs and maintenance.
"The Panel's work will be invaluable in providing quick responses to particular
remedial questions that do not involve policy change and are not being dealt
with by the tax policy work programme.”